Nigeria Files Tax Evasion Charges Against Binance, Detained Executive Escapes From Custody
In Brief
The Government of Nigeria initiated legal proceedings against Binance for alleged tax evasion, leveling four accusations.
The Government of Nigeria initiated legal proceedings against the cryptocurrency exchange Binance for alleged tax evasion, filing charges at the country’s High Court. According to the filing, the Nigeria Federal Inland Revenue Service (FIRS) has leveled four tax evasion accusations against Binance, including failure to pay value-added tax, company income tax, failure to submit tax returns, and complicity in facilitating customer tax evasion through its platform.
The lawsuit also claims that Binance did not register with the FIRS for tax purposes and violated existing tax regulations within Nigeria. Furthermore, two senior Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were also listed as defendants in the lawsuit.
The Nigerian government accused Binance of making illegal transaction profits locally following Binance’s plea of guilty and agreement to pay $4.3 billion to settle criminal money laundering charges brought by the Department of Justice in the United States.
Recently, Binance seized support for the Nigerian naira on its platform amidst ongoing conflicts with Nigerian regulators. Additionally, the country requested Binance to submit information on its top 100 users in the country, along with its entire transaction history for the last six months.
Binance Executives Detained in Nigeria, Nadeem Anjarwalla Flees the Country After Month in Custody
Tigran Gambaryan, responsible for financial crime compliance at Binance, and Nadeem Anjarwalla, Binance’s Africa regional manager, were detained upon their arrival in Nigeria last month. Criminal charges were filed against both exchange representatives immediately afterward.
However, one of the executives, Nadeem Anjarwalla, left the custody of the Economic and Financial Crimes Commission last week, reportedly escaping after guards had escorted him to a nearby mosque for prayers last Friday. Nadeem Anjarwalla, identified as a British national holding a Kenyan passport, is believed to have departed the country via a Middle Eastern airline. Despite Nigerian authorities confiscating his British passport, Nadeem Anjarwalla boarded the international flight using his Kenyan passport.
Nigerian authorities are currently investigating the circumstances of how Anjarwalla acquired the passport, as it was not found on his person at the time of arrest. They are also determining his intended destination in an effort to bring him back into custody.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
More articles
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
